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Rakuten, formerly Ebates, created a new program last year whereby you can choose to earn American Express Membership Rewards in lieu of Cash Back. This was exclusively reserved for new Rakuten members up until 11/19. Since then, the program has evolved, and you’ll be able to change your account settings to Membership Rewards. The earn rate would be 1% cash back = 1 Membership Reward point. I’ve already earned over 100k Amex points this year!
Personally, Rakuten is now my go-to portal since I value Membership Rewards over 1% meaning that for every 1% you see in cashback I apply a 2x multiple. One way to think about this mentally is if you see 10% Cash Back listed you’ll be earning 10x Membership Rewards. Spend $100 get 1k MR which I value at $20.
Want to start earning Amex poitns? First go to My Account
Then account settings where you’ll find this:
If you don’t have a Rakuten account, you’ll need to select either PayPal or Big Fat Check
Then select Membership Rewards
And Voila…you’ll be earning Amex vs Cash Back
Once you start earning Membership Rewards, how quickly do they populate?
Long and short of it….you accumulate points over a 3 month period, and then 6 weeks after the close of that period, on the 15th of month, you’ll be credited. My period from January to March closed, and I was due to be credited May 15th, roughly 6 weeks later, and as you can see below….it hit same day. That is fantastic.
Monkey Miles has partnered with CardRatings for our coverage of credit card products. Monkey Miles and CardRatings may receive a commission from card issuers
A Monkey Miles favorite for beginners and point pros alike because it earns unlimited 1.5x Ultimate Rewards with no annual fee. Enjoy 5x on groceries up to $12k a year + $200/20k welcome bonus!
♥ Earn 20k Bonus Points or $200 after $500 Spend in 3 months
♥1.5x on all purchases, unlimited
♥5x on grocery stores, up to $12k ( no Target/WalMart)